Farstad Shipping to uay up five vessels

Farstad Shipping is planning to lay up two PSV and three AHTS in Norway due to an expected further weakening of the offshore market. Consequently, approx. 100 employees offshore, mostly Norwegian nationalities, will be laid off.

"To lay up vessels and lay off our employees is a painful measure, especially for those of our employees who are personally affected by the measures. This is deeply regrettable, but necessary due to the current market situation", says Karl-Johan Bakken, CEO of Farstad Shipping.

Farstad Shipping is now fully focused on securing contracts and employment of vessels and crews.

"Even if it looks dark now, we know there will be better times. We have been through heavy storms before. My target number one is to see us return to a strengthen position with our vessels and employees back in business", Bakken says.